Volume of world’s public oil fell to lowest rate in 70 years

06.09.2016 14:25 1123

The lowest in 70 years volume of oil was explored in 2015. Exploration companies have discovered about ten times less of oil deposits since 1960. And according to Bloomberg the rate could be even lower this year. Oil prices have fallen more than double over the past two years and the producers reduced the maximum investment in exploration. As a result, only 2.7 billion barrels of new oil was discovered in 2015, which is the lowest figure since 1947. In 2016, at the end of July, there was explored about 736 million barrels of oil reserves. In just two years, global investment in exploration of oil fell from $100 billion to $40 billion.